Operating parameters still challenging – comprehensive measures implemented
Orkla’s operating profit (EBITA) for the second quarter ended at NOK 334 million, compared with NOK 1,187 million for the same quarter of 2008.
Orkla Brands continued its positive profit performance. The development for Jotun (42.5%) and Elkem Energy was also satisfactory, while Sapa and Elkem have been strongly impacted by the weak economic situation. At the end of the first half-year, the return on the Share Portfolio was 13.7 per cent.
“Although market conditions still are challenging for several of Orkla’s business areas we are not satisfied with the Group’s overall financial results. However, the wide-ranging measures that have been implemented are producing results. We must nevertheless assess the need for further action on an ongoing basis. Orkla’s financial position is robust, and the Group is well positioned thanks to its forward-looking portfolio of companies,” affirms President and CEO Dag J. Opedal.